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FACTOR DEMAND ELASTICITY: The elasticity of a factor demand curve is affected by four things: (1) the price elasticity of demand for the good produced, (2) the production function technology and elasticity of marginal physical product, (3) the ease of factor substitutability, and (4) the share of the factor's cost relative to total cost. Changes in any of these four items can cause the price elasticity of factor demand to change. In other words, the quantity of factor services demanded will become more or less sensitive to changes in the factor price.

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CREDIT: The promise of future payment in exchange for money, goods, services, or anything else of value. Car loans, mortgages, credit cards, corporate bonds, commercial paper, and government securities are all forms of credit. In fact, credit is an extremely wide-spread and critical part of our economy. About one-third of the stuff consumers buy, and nine-tenths of business expenditures is on credit. Most business capital, and consumer car and home purchases would be impossible without credit. Moreover, given the time lapse between paying for inputs and selling output, few businesses could produce much without credit.

     See also | financial markets | loan | money | exchange | corporate bond | commercial paper | government security | capital market | money market |


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CREDIT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: January 16, 2018].


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AVERAGE REVENUE, PERFECT COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for deranged pelicans.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
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